Heads conglomerate New World Development, which has interests in property, infrastructure and telecom. Taking tech subsidiary New World TMT private. That subsidiary is suing former U.S. partner Prediwave, a small California tech company, for an estimated $700 million. Donald Trump sued Cheng's son Henry and other Hong Kong partners, accusing them of selling prime New York property for a paltry sum, $1.8 billion. Case was dismissed. Henry and the other investors have since reinvested most of the proceeds into a prominent building in San Francisco, California.